The pan-African banking group Coris, obtained 52.5 billion CFA francs, or 80 million dollars, from the IFC (International Finance Corporation, the armed arm of the World Bank dedicated to the private sector) in support of financing intended for SMEs in Burkina Faso, Mali, Niger and Senegal.
This partnership was concluded on Monday, December 9 on the sidelines of the Africa Financial Summit, which is being held in Casablanca.
Mobilized in partnership with FMO, the Dutch Development Agency, which made a contribution of 35 million euros. These funds exclusively target micro and SMEs in the four countries, with a fraction of at least 25% of the amount dedicated to loans to businesses led or owned by women.
An essential link in the continent’s economies, like everywhere else, SMEs are often disqualified from banking, because they are considered not very transparent in their management or for lack of sufficient guarantees. And in the current context of the Sahel countries, these companies are the most exposed to credit rationing by financial institutions.
This collaboration with the IFC marks an important step for Coris Group as we strengthen our efforts to better support MSMEs in the Sahel, particularly women entrepreneurs. By filling financing gaps, we are promoting economic growth, job creation and resilience in some of the most challenging environments in West Africa,” said Idrissa Nassa, president of the Burkinabè banking group. For Sergio Pimenta, IFC vice-president for Africa, these resources will contribute to strengthening economic resilience, and demonstrate the institution’s commitment to supporting States, regardless of the economic situation.
In addition to this financing, IFC will provide the Coris group with consulting services to strengthen its social and environmental risk management systems, develop its gender-focused financing strategy, and remove non-financial obstacles that hinder the growth of MSMEs in the region. Note that the investment is supported by the Women Entrepreneurs Opportunity Facility mechanism, a partnership between the IFC and the 10,000 Women initiative of Goldman Sachs, a mechanism aimed at promoting the granting of loans to businesses owned by women by the bias of performance bonuses.
Par AJ.SEditorial Committee
